Your purse power can move gender equality into hyperdrive
When the global consumer economy is valued at $35 trillion, women’s spending accounts for $28 trillion.
This Purse Power is bigger than the emerging economies of China and India put together, twice over.
By purchasing from brands with female leaders, you can use your own Purse Power to enhance gender equality. $28 trillion is a lot of bargaining power.
Femeconomy was established in 2016 by Jade Collins and Alanna Bastin-Byrne. The concept was to mobilise the female economy (who make 85% of consumer purchasing decisions), to buy from companies with female leaders. These companies are more likely to have workplace flexibility, more likely to employ women and less likely to have a gender pay gap, so they are helping to create gender equality for their employees and communities.
How did the concept work?
Femeconomy certified over 2000 companies who had at least 30% women on the Board of Directors, or were 50% female owned. Femeconomy encouraged female consumers, budget owners and business owners to purchase from these companies, using economic levers to help advance gender equality.
Gender equality procurement
As Femeconomy’s community grew so did the idea. Femeconomy advocated for large organisations and Governments across Australia to adopt gender equality procurement principles, and include women owned businesses in their supply chains.
Gender equality procurement was legislated in the US in 1994, providing a global evidence base for the social and economic benefits of supporting women in business. After meeting and presenting to all State and Federal Government representatives between 2019 and 2023, New South Wales, Western Australia, Queensland, South Australia, Victoria and the Federal Government all committed to gender equality procurement strategies.
This represents significant systemic and structural change to support women owned businesses across Australia. This is Femeconomy’s legacy, achieved through the support of an incredible community of women across Australia and globally who are committed to advancing gender equality.
Further information is available on Femeconomy's LinkedIn.